There have been proposals in Washington to reduce the estate and gift tax exemption amount, as well as make other changes to the estate tax laws. Making tax-free gifts by year end can reduce the size of your taxable estate and may be one way to recognize and address this potential threat.
There’s currently a “stepped-up basis” if you inherit property — but will it last?
Have you inherited assets or are you planning your estate? If so, it’s crucial to understand the current “step-up” basis rules and why they might change.
Retiring soon? Recent law changes may have an impact on your retirement savings
Saving for retirement can help make your future brighter. Recent tax law changes might allow you to save more with your IRA or retirement plan.
Why it’s important to plan for income taxes as part of your estate plan
With the federal estate tax exemption so large, you may not be worried about estate taxes anymore. But it’s a good time to focus on saving income taxes for your heirs.
Take advantage of a “stepped-up basis” when you inherit property
If you’ve inherited assets or you’re planning your estate, it’s crucial to understand the fair market value basis rules (also known as the “step-up and step-down” rules). That way, you won’t pay more tax than you’re legally required to.
Trust 65 Day Distribution Deadline is March 6, 2017
The 663(b) election, also known as the “65 Day Rule” enables a trust to make a distribution within the first 65 days of year, and have it count as a distribution for the previous tax year. While this has always been a planning tool used to maximize tax savings for trusts and beneficiaries, it takes[ … ]
Why making annual exclusion gifts before year end can still be a good idea
A tried-and-true estate planning strategy is to make tax-free gifts to loved ones during life, because it reduces potential estate tax at death. There are many ways to make tax-free gifts, but one of the simplest is to take advantage of the annual gift tax exclusion with direct gifts. Even in a potentially changing estate[ … ]
3 strategies for tax-smart giving
Giving away assets during your life will help reduce the size of your taxable estate, which is beneficial if you have a large estate that could be subject to estate taxes. For 2016, the lifetime gift and estate tax exemption is $5.45 million (twice that for married couples with proper estate planning strategies in place).[ … ]
Trust 65 Day Distribution Deadline is March 5, 2016
Note: The deadline in 2017 is March 6th. (More) The 663(b) election, also known as the “65 Day Rule” enables a trust to make a distribution within the first 65 days of the year, and have it count as a distribution for the previous tax year. While this has always been a planning tool used[ … ]
How to determine if you need to worry about estate taxes
Here’s a simplified way to project your estate tax exposure. Take the value of your estate, net of any debts. Also subtract any assets that will pass to charity on your death. Then, if you’re married and your spouse is a U.S. citizen, subtract any assets you’ll pass to him or her. Those assets qualify[ … ]
